Hopefully I have your attention. The post though has nothing to do with a prediction.
What an amazing week for stocks. Few predicted it…The Mayans are now broke if not dead.
I loved Josh’s poke at two word investment outlooks last week. They are right on the button.
The market closed today at it’s highest S&P levels since 2007. FIVE years. Not just any five years.
Today, the $VIX, a great $CBOE brand creation as an accepted market measurement of volatility, closed the WEEK down 39 percent. A record. Not just any week btw…we are a few days removed from a ridiculous media and political frenzy over the Fiscal Cliff and the Mayan end of the world.
Maybe it was the Mayans covering their short sales?
The rally is not just inconceivable as I have called it since 2009, it’s relentless.
The Nasdaq was supposed to implode if $AAPL imploded. Nope. Since mid November…the Nasdaq 100 is up 6 percent and Apple is flat. Apple is actually negative for the year (I know…I know).
The bulls have the banks behind them as well. I offer you ‘Big Enough to torture You’ banks. JP Morgan is at 10 year highs. Goldman Sachs is doing mean things as usual, but now it’s climbing.
All-time highs are thick in numbers, from plenty of industries (they are now posted on my blog everyday by Ivan). Even my bloated and hated software stock Intuit closed at all-time highs today.
There is a ton of money on the sidelines.
Latin America is on Fire.
I heard about a greek guy who paid taxes last week.
I did sell some $GOOG Friday. I am seeing some giddiness in the momentum space as $DDD gallops 4 percent a day. I have no shorts, but I smell a rat.
I would not be shocked to see a fast and deep pull back in the next few months.
I am going to do my best to NOT chase here.